Merrill reiterates PDL at buy

Merrill Lynch analyst Tom McGahren reiterated PDL BioPharma Inc. at a buy. The company was expected to begin a 3,000-patient European phase 3 trial for Ularitide in the treatment of acute decompensated heart failure in the fourth quarter and a 300-patient phase 3 trial for the drug in 2007. Those plans were put on hold, according to a company announcement at the Merrill Lynch conference in London. PDL is receiving interest in Ularitide from potential partners capable of running large phase 3 trials. The company wants a partnership that provides upfront and milestone payments, royalties and an option for its sales force to promote the product, according to the analyst. Shares of the Fremont, Calif.-based biopharmaceutical company were up 54 cents, or 2.96%, at $18.76. (Nasdaq: PDLI)

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